There are several types of insurance plans that come under the Medicare Advantage umbrella. The most common are:
PPO – Preferred Provider Organizations
HMO – Health Maintenance Organization
PFFS – Private Fee-For-Service Plans
SNP – Special Needs Plans
Medicare Advantage plans are “managed care” plans. Medicare pays The Plan every month to manage your health care. These plans often involve a network of doctors and hospitals, and may include a drug plan; some even have no monthly premium but you pay as you use services until you reach the plan’s “maximum out-of-pocket” for the year. In the Kansas City region the maximum out-of-pocket for 2021 ranges from $3,900 to $6,700 in network.
With Medicare Advantage plans you are still on Medicare but you do not show your Medicare card when going to the doctor or hospital, you only show your Medicare Advantage plan card.
It is important to know that these plans change every year. Every October members of Medicare Advantage Plans receive an Annual Notice of Change that lists the benefits of the plan for the current year and the benefits for the upcoming year so you have a side-by-side comparison and can decide if you want to stay in that plan or change to another Medicare Advantage plan.
The Annual Enrollment Period for changing plans in October 15 through December 7 and the new plan will start January 1 st of the next year. To review Medicare and all the options available to you, call for a free consultation. You will be glad you did because with the right supplement it really is a wonderful world of Medicare.